OPEC: No Draft Plan to Bring Back Production Quotas

OPEC, in an unusual backlash, insisted Tuesday it has not drafted a strategic plan containing a pessimistic price scenario and a recommendation it return to production quotas.

The Organization of the Petroleum Exporting Countries questioned the accuracy of the article, published Monday by The Wall Street Journal. It says the article made vague and incorrect references to a draft strategy report.

The article was the talk of the markets Monday, and while it did not move prices the story said OPEC does not see a return to $100 oil anytime soon.